BMI View: We recently revised upwards our forecasts for economic growth in Algeria, and now expect to
see nominal GDP growing at a compound annual rate of 10.9% between 2014 and 2018 (up from a
previous forecast of 8.3%), as we are more positive about private consumption, and expect to see strong
growth in across the food and drinks sector. We continue to view inflation and political unrest as the
biggest risks to consumption.